and year pivot you, XXXX. launched quarter everyone. afternoon, marked XXXX strategic first during the of first the full Thank we Lynn, good TILT of
As so about one our of, speaking proved it you others activating second year scaling to that about CPG important. was embrace enterprise-wide basis. the all operators strategy strategy hear and many of If now the implementation as the proof-of-concept, XXXX was equally on an XXXX first of
again, make step challenging Once significant broader on headwinds it every the us not us did way. the cannabis with marketplace easy of
overall we we our the as all, had the through laser outset as remain it our more reasons detail. at strategy. performance not of As was strong the implementation But a and we refinement on hoped and result, will focused discuss in
of and behind we operations recently into XXXX, with evolution. refinancing TILT’s positive Given ongoing with strategic on phase XXXX battle debt from our crucial capital we structure, us, and structure, agile asset-light equipped our can poised tested, fully where are carry our the cash reduction to announced efforts we squarely take flow and exited for team the success, our optimization momentum stable
A few XXXX. operational highlights from
partners, six Partners Nation Shinnecock additions First including Little we Coda Harvest, our and new signed brand and Signature brand. foremost, fourth Beach quarter
price of our they of round number and serve. product we form to customers brand array BXB the for a to portfolio XX provide continue partners broad quality points total to consumers factors, our brings as out offerings and our This of levels
XXX XXXX with of This we over exceeded, previously meant brand goal SKUs, delivering than in announced on more the new market. SKUs partner exited XXX our which activating
wholesale packaged a remarkable. transformation short this distribution production, operations towards of focused that two cannabis For a overnight had becoming nothing shop company only its years and bulk goods ago was almost on
remarkable an a And having asset-light launches shortage and of I earlier. grinding partner prior assimilating are some and with no from new gears activation, mentioned learned along is we adopting the each in practices more advantage quickly There had, process lessons became nimble but to of efficient, nonetheless. structure and best transformation undoubtedly the be the That brand efficiencies way.
TILT market regularly days, now thorough bring to and As a brands a go-to-market designed its can anywhere the result, XX from successfully, to ramp allow our quickly strategy scale partners to with complete launch profitability. days XXX to
a this back of great in Williams running brand progress. cannabis Highsman season football example for year’s former longtime time launch last NFL Ricky of enthusiast Our and is
top market, launch a end XX occurred by their of days to contributor. of signing within that the Highsman in contract and As quarter being revenue become of first
we XXXX. coffee March at also on and with took donuts Overall further in this home chocolate fused edible Continuing Cannabis best first out England satisfied alone, edible Coda our took took place award Not launched progress, or on for and their New Signature, premier candy Xst. the that found Coda immediate for had Best NECANN’s category. it Edible even where year’s Massachusetts Massachusetts the Coda our and Convention brand in success
This is own our to being our combined We not they more than treating success. for tagline, independent powered a it’s our by brand were sharing seeking for in operator and proposition our offer in recipe that brands success. the we space, to bear, may the biggest just TILT partners. bring the be products but ability partner’s The a value all expand resources our to unrivaled if brand as is
manufacturer this that in and in Our and Pennsylvania ongoing facilities cultivation we retool manufacturing reinvest change. our support required evolution to Massachusetts into and order dramatic re-imagine, a CPG
While improved achieving to dramatic as is of made quite Massachusetts, results provided terms to maximizing alone let ways in early is have we one yields more pleased but to-date. not the have in go and any progress times reboot, productivity. could in of expected have This efficiencies of harvest X be X with we this, a be times the Pennsylvania we and
X,XXX into square product Indian Island, shelf forward we expect look summer open their relationship tourist stock with for with and its we on the members. foot time partnership our and Nation of Nation build season continuing to Long the in in the Breaking to in have phase the our XXXX, York. New doors to in Eastern and dispensary Also construction ground with Southampton, moved Shinnecock
the hardware business, cannabis as new an side segment But that differentiated for broader market. has percentage grew increased On with demand products. vape our come and the the of growth of a
heard in been several on market into to first brought loud do strong, category this, back half We products of Jupiter these one with of Research, the the and our the we last we clear full has at products distributors on announced year’s lab hardware to subsidiary, formally orders market, vape that innovation and the which through new MJBiz only R&D in XXXX. as expect a place launch Market we once November. Conference ready several customers reception with into site,
strategy a moment, executed TILT when would our CPG our out that business in for brand wholesale Speaking well, a more bit belief BXB we partner position path, for it model on hypercompetitive the broadly such a set volatile a was about success with marketplace.
While embrace to the build it in was luxury environment, stressful normalized have have this the more XXXX. been would cannabis choose that not we out far chaos and less did in a instead to that marketplace to model had
to for grow of most under through X%, the all a our But price sound. A north to mention start discovery, of closer the ended the compression at growing manner it with has up year, market market consumer sources, number that pressure XX% of oversupply, margin of was of and according proven year. to to all, a not predicted strategy
XX% cannabis products a times prior X XX% partner than more year the of partner the of wholesale in XX% up XXXX, than from more Brand from fourth and quarter for accounted our resulting business quarter brand ago, in year-over-year. in up revenue
resilient to growth year, dynamics a to allowed prices our This importantly, decline in demand which we evident throughout for where the TILT markets many I while these proved brand revenue ago, the partner continued of more to improved. products market the none few prices Massachusetts, in in operate. actually outpace than Most mentioned the moments
Looking states X% where growth. own TILT overall outperformed grew based these available as analysis, we year versus in company as revenue the across market upon for Massachusetts, well our state data, and X%
in while market while XX% the Pennsylvania, more by X,XXX%. market broader the grew dramatic, even state X%, declined results And year, TILT’s In grew grew XX% approximately by were in revenue during year. than Ohio, the revenue as TILT’s the the by for that more
XX% Pennsylvania Fourth more. revenue into bit brand quarter a by driven partner up sequentially, was Digging the state. in launches
XXXX. market quarter in While well basis quarter the our to compared margin the this during margin fourth quarter up and was is of third compression and documented, XXX the price gross compared to points approximately stable
to that as do is, a bit. performance strong want the temper I As enthusiasm
As growth achieving in markets, efficient could we our not we as have across as all been. were revenue
need older mix to on its margins as bulk Massachusetts result product. experienced to pressure example, due of off sell the For additional product a
and on during have all we putting in put their sale significantly contributing context, bulk success to pressure discontinued To Pennsylvania, margins product, year. less of in that but the their the
be some offerings. for While bulk our a is our minimis there need brand always sales, a have be of to that component de will goal
improve We to production side the also things. need of on
As of were the where COGS story, not they a while our be. product is mix piece should
XXXX, expected when point While and of us packaged out same key manufacturing seen this as goods industry. is agriculture tooled and specialty employ previously the facilities focal rolling outside a in for many operations seek the production, that to be cannabis for of concepts be will production we to in bulk
we oversupply operate, on source of internal specialty that biomass growth. bit can resources we attractive now some a in can up our be that can prices and process which raw at in we given the deploying that Speeding materials fulfillment resources. fact in we cases, is In production, enough tactical states redeploy the the
could operator that even tactical underway number years and company. middle more is to of a was commerce. where two as than it space that spoke a follow, This already approach one believe when in likely the retail TILT commoditized likely stores requiring holds. more will argue is than legalization any interstate become simply is heading without describing I I the about Cultivation ago
market specialty as And be that model. remaining agnostic where sales whether provide to could through and the by cultivation, to online manufacturing a at owning we a sources But and space, we dispensaries, service done, asset-light, that or demand. specialty to are continue flower as distribution, we delivery middle by opportunistic will bricks-and-mortar believe
longer Lastly, needed be brands the that millions may concerns without we as demand shifts brands can by legacy no partnering maintaining having of time, of in in dollars realign consumer favor. with over invested as
Dana business. Before call detail, a to in thoughts few us about our more our through additional walk to the over performance turning hardware
overall mentioned goods as the a approximately the experienced in XXXX vape vaping terms growing growth percentage earlier, into finished sold I As the marketplace. of retail cannabis of market, category in XX%
revenue of that growth XX% Jupiter in amounts roughly in and these hardware driven work the by through not outsized is to during experience in that We did hardware sold type year. its XXXX. that the you performance goods portion sales approximately growth Clearly, when XX%, of estimate the XXXX, part in numbers,
to While share in have we was production on XX% based CECL continue focus brands be amongst distributor innovation previously a maturing where shifted the North in as America efficiencies buyers, has of for distributors, market differentiation the bit products price look market. for major number industry demand in factors, of and become a a over largest with a
we received I why to we a perception when the providing dedication demonstrated Jupiter’s and believe innovation is positive such solutions to marketplace. that during customer-driven MJBiz
having drive conference. As year’s products market in target debut threads, continuing to this ready MJBiz look LVT of a to innovative to initiative Pen Aiden’s forward with that and XXXX, come Blend Concept at to we more
is businesses asset. This our hardware where and connection is such a tremendous the of plant-touching
innovation consumer each see our develop a for as trends to ability in as production. This to allows market those and them into new hardware, them bring opportunities able differentiated before are our bench in We and suited predictable to test more to and better putting trends for market enhances well cadence to year. markets, products
for some Obviously, our others this disrupted. may existing to must in successful modest out truly technologies, like operations, remain on But TILT improvements segment, our be of we portfolio while be may cannabis offerings. build
in something have and factor, form level. we each quality So price point
a goal our shop trusted for to one-stop customers. Our become is
Jupiter and customers who relationships customer year, XXXX. entirely successfully and fortified new excellent either partnerships, was it the left one longstanding foundation an the platform CECL or second had has back established challenging a in despite half Jupiter of we
earlier, as Our will of be partnerships market in spoke as XXXX. on diversification, focus supported commercialize that we bring the to will product by hope well to and innovation I
Jupiter on the at look of to as on overseas, markets in emerging also the capitalize well XXXX expect efforts new market, changes exploring ways return of half will number legalization upon to we XXXX. and to Based build abroad. implemented increasing growth this Together, technology in to renewed coming will as energy opportunities we second
call the more turn I’d to financial like now that, With in our over performance Dana to to review detail.
